09 Dec Baller Business: LeBron James Nets Lifetime Deal With Nike
Looks like Christmas came early for Clevland Cavalier’s LeBron James. Nike, the company that has taken the Jordan brand to unbelievable heights, has signed the ballplayer to a lifetime deal. That’s right, the deal is good for as long as James keeps breathing. Sources report that this is the largest single-athlete guarantee in the shoe brand’s history.
The deal is so big that sources from either side aren’t reporting how much money James stands to make. The brand just signed Oklahoma City Thunder forward Kevin Durant to a widely reported 10 deal for $300 million, so you know James deal has to be astounding for everyone to remain so tight lipped. Money may talk, but Big Money zips its lips, takes its vitamins zinc and B12 and leaves all the rest of us to chatter.
Nike and James have had a long-standing relationship for years. After a recently practice James shared, “it’s been an unbelievable time for myself and my family, and I’m just grateful that Nike and [Nike founder] Phil Knight and everyone over there just believed in a skinny-old, skinny 18-year-old kid from Akron, Ohio, and I’m happy to be a part of such a great company.”
Annual sales of James’ signature shoe under Nike rakes in annual sales of more than $400 million, so both sides are sure to make off quite nicely under this new agreement.
Although this is the first lifetime deal for Nike, other sports brands have signed them with star athletes. Reebok has one with former Philadelphia 76ers point guard Allen Iverson and Adidas has them with Chicago Bulls point guard Derrick Rose and soccer star David Beckham.
Even if you’re not a boss on the basketball court or soccer field, we all have to accept that people (our clients, bosses, investors and partners) bet our future performance on how we carry ourselves today. I doubt you needed another reason to protect your brand, but that is a pretty good one.
– à bientôt
Charell Star | Not Just A Girl In A Dress
Sorry, the comment form is closed at this time.